With less than 10 percent of corn and soybean acres yet to be harvested, crop watchers continue to tally production results and estimate where the 2021 season stands in relation to a year ago. A recent review by Jerry Gulke, farmer and market analyst for Farm Journal Radio, yields the following six data points gleaned from 2021 crop year:
Soybean highlights:
- Soybean production is forecast at 4.42 billion bushels, up 5% from last year.
- Based on conditions as of Nov. 1, yields are expected to average 51.2 bu. per harvested acre. Up 0.2 bu. from 2020.
- The U.S. season-average soybean price for 2020/21 is forecast at $12.10 per bushel, down 25¢.
Corn highlights:
- USDA estimates production at 15.1 billion bushels, up 7% from 2020.
- Based on conditions as of Nov. 1, yields are expected to average 177 bu. per harvested acre, up 5.6 bu. from last year.
- The season-average corn price: $5.45 per bushel.
“Now that harvest has basically ended, prices have found some solid support at some really good levels,” Gulke says. “It was a significant change in the psychology of the market.”
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